SANTA CLARA, Calif., March 6, 2026, 01:58 PST.
Marvell Technology on Thursday said revenue could approach $15 billion by fiscal 2028, above Wall Street estimates, and lifted its fiscal 2027 outlook, saying demand from artificial-intelligence data centers remained strong. Shares rose about 15% in extended trading after the chipmaker also forecast first-quarter revenue above market estimates.
The outlook lands at a tense point for AI shares. Investors have been looking for signs that spending is spreading beyond Nvidia to suppliers of custom chips and the networking gear that links servers, processors and memory. Alphabet, Microsoft, Amazon and Meta are expected to spend at least $630 billion on AI infrastructure this year.
Marvell and Broadcom sit near the middle of that build-out. They help cloud customers develop application-specific integrated circuits, or ASICs — chips designed for one workload rather than many — and sell interconnect products that move data at high speed inside AI clusters.
For the quarter ended Jan. 31, Marvell posted revenue of $2.219 billion, up 22% from a year earlier, and adjusted earnings of 80 cents a share. It guided for first-quarter revenue of $2.4 billion, plus or minus 5%, above analysts’ average estimate of $2.27 billion, while data-center revenue rose 21% to $1.651 billion and accounted for 74% of total sales.
“Marvell delivered record fiscal 2026 revenue of $8.195 billion, growing 42% year-over-year, driven by robust AI demand,” Chief Executive Matt Murphy said. He added that fiscal 2027 growth should speed up each quarter as bookings run at a “record pace” and a backlog of design wins turns into sales. Marvell Technology, Inc.
A slide deck released with the results added more detail. Marvell said it expects to supply interconnect modules to all five major cloud providers in fiscal 2027, switch revenue to top $600 million and custom revenue to keep growing after doubling in fiscal 2026.
President and Chief Operating Officer Chris Koopmans said the big cloud builders were “still growing massively” and that Marvell’s booking rate gave management confidence in its targets. The company now expects revenue to near $11 billion in fiscal 2027 and approach $15 billion in fiscal 2028, above the $12.92 billion analysts were expecting for fiscal 2028, according to LSEG data. Reuters
Broadcom sharpened that read-through a day earlier, saying AI-chip revenue could top $100 billion in 2027. Nvidia, whose processors still dominate the market, beat January-quarter estimates last week and guided above expectations, keeping pressure on the rest of the AI supply chain to show they can grow alongside it.
But Marvell still has something to prove. Summit Insights analyst Kinngai Chan said the latest results looked “more of a relief for investors” than fresh proof that near-term data-center demand is accelerating, and Marvell said custom chips still make up only about 10% to 15% of its revenue. If a few large cloud customers pull back, the long-range target gets harder fast. Reuters
Marvell also said its first-quarter outlook includes newly closed deals for Celestial AI and XConn Technologies. Celestial, bought for $3.25 billion, gives Marvell more photonic-fabric technology, which uses light instead of electrical signals to link AI chips and memory, while XConn adds networking hardware in a roughly $540 million deal.
